The banks sold it once, twice....

Discussion in 'Economics' started by paperboy, Oct 20, 2010.

  1. Did they? :eek:

    "The game was to move money under a scheme of deceit and fraud. First sell the bonds and collect the money into a pool. Second take your fees, third take what’s left and get it committed into “loans” (which were in actuality securities) sold to homeowners under the same false pretenses as the bonds were sold to investors. By controlling the flow of funds and documentation, the middlemen were able to sell, pledge and otherwise trade off the flow of receivables several times over — a necessary complexity not only for the profit it generated, but to make it far more difficult for anyone to track the footprints in the sand."
  2. Right, but according to some of the geniuses on this site, the bank foreclosure process is simply a "technicality". Ya know, they are allowed to slice and dice, churning the products around to earn many multiples of the original fees, but when it comes time to foreclose and they no longer have possession of the notes or the rights to foreclose, it's just a "technicality".

    Stockholm Syndrome at its finest.
  3. Sounds like RICO... prosecute them criminally and use the verdict and evidence in civil suits. Treble damages plus fees... about every law firm will jump on once on AG starts a criminal proceeding.